Multilateral lending agency Asian Development Bank said that it will provide up to USD 700 million (INR 3360 crore) loan to India for accelerating infrastructure projects through public private partnership initiatives.

The bank in a release said that “The Asian Development Bank will provide India up to USD 700 million in loans to accelerate its roll out of infrastructure projects through public-private partnership initiatives.”

The ADB Board approved the multi-tranche loan for the second India infrastructure project financing facility. It said that “The loan will be released over five years to the state owned India Infrastructure Finance Company Ltd, and is a follow on of the first stage facility of USD 500 million approved in 2007.”

IIFCL, established in 1996 to promote PPPs, will use the facility to support investments in a broad range of PPP infrastructure projects.

(Sourced from Business Line)